Do Happy People Make Optimistic Investors?

G. Kaplanski, H Levy, C Veld, Y Veld-Merkoulova

Research output: Contribution to conferencePaperpeer-review


Do happy people predict future risk and return differently from unhappy people, or do individuals rely only on economic facts? We survey investors on their subjective sentiment-creating factors, return and risk expectations, and investment plans. We find that noneconomic factors systematically affect return and risk expectations, where the return effect is more profound. Investment plans are also affected by noneconomic factors. Sports results and general feelings significantly affect predictions. Sufferers from seasonal affective disorder have lower return expectations in the autumn than in other seasons, supporting the winter blues hypothesis.
Original languageAmerican English
StatePublished - 2012
EventFinancial Management Association Conference - Financial Management Association, Barcelona, Spain
Duration: 1 Jun 20121 Jun 2012


ConferenceFinancial Management Association Conference


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